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NZD/CAD chart on Trading View used for analysis
- NZD/CAD has bounced off strong support at 200-DMA.
- The pair is now extending gains for the 3rd straight session.
- Upside finds stiff resistance at 200W SMA at 0.9077. Break above required for further gains.
- Momentum strongly bullish on the daily charts. Technical studies are turning bullish on weekly charts.
- Impressive upside economic surprises from New Zealand, such as jobs/CPI and GDP likely to support the kiwi.
- While on the other side oil trades cautiously ahead of OPEC meeting next week.
- Breakout at 200W SMA to see test of 0.9227, while we see weakness till 0.88 on break below 200-DMA.
Support levels - 0.9002 (5-DMA), 0.8924 (200-DMA)
Resistance levels - 0.9077 (200W SMA), 0.9227 (June 2018 high)
Recommendation: Watchout for break above 200W SMA to go long, target 0.9225
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
